FRECARGE: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
FRECARGE
Largest movements
- Tangible fixed assets +€1.7m
up €1.7m (+40.8%), from €4.1m to €5.7m
of which Land and buildings: +€1.7m
- Cash -€152,832
down €152,832 (-82.4%), from €185,416 to €32,585
mainly Investment in fixed assets (net) (-€1.8m) and Debts after one year (-€131,506)
- Current investments -€124,591
down €124,591 (-37.9%), from €328,502 to €203,910
- Receivables after one year +€120,000
new in 2025: €120,000
- Other debts +€1.8m
up €1.8m (+70.6%), from €2.5m to €4.2m
- Debts after one year -€131,506
down €131,506 (-36.8%), from €357,256 to €225,750
- Profit (loss) carried forward -€125,573
new in 2025: -€125,573
- Gross operating margin -€107,692
down €107,692 (-76.3%), from €141,073 to €33,381
- Depreciation +€56,878
up €56,878 (+60.3%), from €94,377 to €151,255
- Financial income +€27,942
up €27,942 (+215.9%), from €12,944 to €40,886
- Financial charges -€14,697
down €14,697 (-47.5%), from €30,917 to €16,220
- Taxes -€9,356
no longer reported in 2025 (was €9,356)
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,614,197 | €6,130,255 | +€1.5m | +32.9% |
| Fixed assets | 21/28 | €4,065,979 | €5,722,933 | +€1.7m | +40.8% |
| Tangible fixed assets | 22/27 | €4,062,879 | €5,719,833 | +€1.7m | +40.8% |
| Land and buildings | 22 | €4,042,968 | €5,705,341 | +€1.7m | +41.1% |
| Plant, machinery and equipment | 23 | €86 | €43 | -€43 | -50.0% |
| Leasing and similar rights | 25 | €19,825 | €14,449 | -€5,376 | -27.1% |
| Financial fixed assets | 28 | €3,100 | €3,100 | = | 0.0% |
| Current assets | 29/58 | €548,218 | €407,322 | -€140,896 | -25.7% |
| Amounts receivable after more than one year | 29 | - | €120,000 | +€120,000 | |
| Trade receivables | 290 | - | €120,000 | +€120,000 | |
| Amounts receivable within one year | 40/41 | €11,430 | €6,300 | -€5,130 | -44.9% |
| Trade receivables | 40 | €7,868 | €2,307 | -€5,561 | -70.7% |
| Other amounts receivable | 41 | €3,562 | €3,993 | +€431 | +12.1% |
| Current investments | 50/53 | €328,502 | €203,910 | -€124,591 | -37.9% |
| Cash at bank and in hand | 54/58 | €185,416 | €32,585 | -€152,832 | -82.4% |
| Deferred charges and accrued income | 490/1 | €22,871 | €44,527 | +€21,657 | +94.7% |
| Total equity and liabilities | 10/49 | €4,614,197 | €6,130,255 | +€1.5m | +32.9% |
| Equity | 10/15 | €1,524,436 | €1,398,863 | -€125,573 | -8.2% |
| Contributions | 10/11 | €785,000 | €785,000 | = | 0.0% |
| Revaluation surpluses | 12 | €145,182 | €137,516 | -€7,665 | -5.3% |
| Reserves | 13 | €594,254 | €601,919 | +€7,665 | +1.3% |
| Tax-exempt reserves | 132 | €32,376 | €32,376 | = | 0.0% |
| Distributable reserves | 133 | €561,878 | €569,543 | +€7,665 | +1.4% |
| Profit (loss) carried forward | 14 | - | -€125,573 | -€125,573 | |
| Amounts payable | 17/49 | €3,089,761 | €4,731,392 | +€1.6m | +53.1% |
| Amounts payable after more than one year | 17 | €357,256 | €225,750 | -€131,506 | -36.8% |
| Financial debts | 170/4 | €357,256 | €225,750 | -€131,506 | -36.8% |
| Amounts payable within one year | 42/48 | €2,732,505 | €4,485,854 | +€1.8m | +64.2% |
| Current portion of amounts payable after more than one year | 42 | €135,119 | €131,506 | -€3,612 | -2.7% |
| Trade debts | 44 | €3,821 | €6,537 | +€2,716 | +71.1% |
| Suppliers | 440/4 | €3,821 | €6,537 | +€2,716 | +71.1% |
| Advances received on contracts in progress | 46 | €110,000 | €110,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,193 | €3,666 | +€2,473 | +207.3% |
| Taxes | 450/3 | €1,193 | €3,666 | +€2,473 | +207.3% |
| Other amounts payable | 47/48 | €2,482,372 | €4,234,145 | +€1.8m | +70.6% |
| Accrued charges and deferred income | 492/3 | - | €19,788 | +€19,788 | |
| Non-recurring operating income | 76A | €6,000 | - | -€6,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,377 | €151,255 | +€56,878 | +60.3% |
| Other operating charges | 640/8 | €23,834 | €32,365 | +€8,531 | +35.8% |
| Gross operating margin | 9900 | €141,073 | €33,381 | -€107,692 | -76.3% |
| Operating profit (loss) | 9901 | €22,862 | -€150,238 | -€173,101 | |
| Financial income | 75/76B | €12,944 | €40,886 | +€27,942 | +215.9% |
| Recurring financial income | 75 | €12,944 | €40,886 | +€27,942 | +215.9% |
| Financial charges | 65/66B | €30,917 | €16,220 | -€14,697 | -47.5% |
| Recurring financial charges | 65 | €30,917 | €16,220 | -€14,697 | -47.5% |
| Profit (loss) for the period before taxes | 9903 | €4,889 | -€125,573 | -€130,462 | |
| Income taxes | 67/77 | €9,356 | - | -€9,356 | |
| Profit (loss) for the period | 9904 | -€4,467 | -€125,573 | -€121,106 | -2711.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,467 | -€125,573 | -€121,106 | -2711.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.